Government press conference

(MPI) – At the regular Government press conference in December 2024, held on the afternoon of January 8, 2025, Deputy Minister of Planning and Investment Nguyen Duc Tam answered questions of interest to journalists regarding the growth targets and prospects for socio-economic development in 2025; emphasizing that the Ministry of Planning and Investment has determined that in 2025, it is necessary to continue to innovate and improve institutional work. This is one of the driving forces that will help achieve high growth results.

Deputy Minister Nguyen Duc Tam delivers a speech. Photo: Chinhphu.vn

Deputy Minister Nguyen Duc Tam stated that the Government has submitted to the National Assembly, and the National Assembly has approved, Resolution No. 158/2024/QH15 concerning the economic growth rate for 2025. The projected growth target is 6.5-7%, with the goal of achieving a growth rate of 7-7.5%. In the current context, following the directives of the Party and State leaders, as well as the decisive guidance of the Government and the Prime Minister, since the end of December 2024, the Prime Minister has issued Official Dispatch No. 140/CĐ-TTg, requiring all ministries, sectors, and localities to implement and develop growth scenarios to strive for a minimum growth rate of 8% in 2025. Under favorable conditions, the goal is to achieve double-digit growth. This includes setting very high targets for localities often referred to as "leading engines of growth" such as Hanoi, Ho Chi Minh City, Binh Duong, Dong Nai, and several others. If these localities achieve higher growth than the figures for 2024, it will create a very significant impetus for growth.

As planned for 2024, the initial growth target was 6.5%, but the impact of storms and floods reduced the growth rate by 0.8%. Currently, with the decisive direction of the Government and the Prime Minister , growth is estimated to reach 7.09%. This is a very important foundation and prerequisite for implementing the targets set for 2025.

Regarding the driving forces, solutions, and factors to achieve a growth target of at least 8% and strive for double-digit growth, at least 10%, Deputy Minister Nguyen Duc Tam emphasized that, with its advisory body, the Ministry of Planning and Investment has determined that in 2025, it is necessary to continue to innovate and improve institutional work. This is one of the driving forces that will help achieve high growth results.

At the same time, we must continue to stabilize the macroeconomy, control inflation, and ensure the major balances of the economy. This is one of the key tasks; although we strive for high growth rates, we must still ensure the fundamental elements of the macroeconomy as well as control inflation.

Regarding monetary policy management, Deputy Minister Nguyen Duc Tam stated that the approach should continue to be proactive, flexible, timely, effective, and synchronized. In 2024, many measures related to tax exemptions, reductions, deferrals, and postponements were implemented, totaling approximately 197 trillion VND by the end of the year, with an estimated 337 trillion VND to date. This shows that creating favorable conditions for businesses will lead to higher revenue collection, encouraging businesses to resume operations and build greater confidence in the economy. This is one of the solutions that needs to be continued in the future.

From the beginning of 2025, the Government issued a Decree related to tax exemptions, reductions, deferrals, and postponements until the end of June 2025 for businesses to implement. These tax exemptions, reductions, deferrals, and postponements not only support businesses but also directly support the people, enabling them to purchase more goods and stimulate domestic demand.

The next step is to revitalize growth drivers, especially investment, stimulating consumer demand, and boosting exports and imports. Regarding investment, the plan for 2025 requires ministries, sectors, and localities to disburse a total of approximately 295 trillion VND in public investment capital, plus the carry-over amount from 2024 as stipulated by law, totaling over 300 trillion VND. This is a very large sum, and disbursing all of this capital will create momentum to attract other economic sectors, acting as seed capital to attract and promote growth.

2025 will be the year for stimulating domestic consumption. This is a crucial task, not only for Vietnam but also for many countries around the world. The focus will be on stimulating domestic consumption, including attracting both domestic and international tourists. The goal is to attract 120-130 million domestic tourists and approximately 20 million international tourists. This is one of the resources to boost growth. In addition, efforts will be intensified to implement the 17 Free Trade Agreements (FTAs) already signed.

Alongside this, there is a focus on implementing Resolution 57/NQ-TW dated December 22, 2024, of the Politburo on breakthroughs in the development of science, technology, innovation, and national digital transformation. Recently, the Government issued Decree 182/2024/ND-CP regulating the establishment, management, and use of the Investment Support Fund. This includes provisions for mechanisms to support businesses operating in the fields of science and technology, innovation, especially chips and semiconductors. If this resource can be effectively utilized, it will be a significant advantage.

Another driving force for growth is the accelerated completion of infrastructure. It is projected that by the end of 2025, 3,000 km of expressways and 1,000 km of coastal roads will be completed. Many of these expressway projects will be upgraded from 2 lanes to 4 lanes, and from 4 lanes to the full planned number of lanes.

Finally, we need to build financial centers in Ho Chi Minh City and Da Nang. This is a new game and a new way for us to attract more resources. If we succeed in this, it will certainly provide more resources for economic growth, Deputy Minister Nguyen Duc Tam emphasized.

Tung Linh

Ministry of Planning and Investment

Source: https://www.mpi.gov.vn/portal/Pages/2025-1-8/Hop-bao-Chinh-phuquf2du.aspx